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Despite all three US markets claiming new records overnight, the ASX200 is expected to shed a just over a quarter of a per cent when trade gets underway shortly.
Megacap Apple dropped 4 per cent after the US Department of Justice lodged antitrust action against it in relation to competitors not being supported on its platforms. Apple has already been fined 1.8 billion Euros (A$3 billion) because it closed out competitors from offering music services on the iPhone.
Social media network Reddit has made its debut on the New York Stock Exchange, soaring close to 50 per cent. It raised about US$750 million through $34 IPO. The company is not yet profitable.
Back home and in ASX small cap stocks to watch this morning, aged care provider Eureka Group Holdings (ASX:EGH) has received written notice from its 19.29 per cent shareholder Filetron Pty Ltd that it will not accept Aspen Group’s (ASX:APZ) takeover bid, which is valued at 0.26 Aspen shares for every Eureka share. The Eureka Board claims the offer ‘materially undervalues’ Eureka and is urging shareholders to reject the offer.
Mineral Commodities (ASX:MRC) has reported production impacts after incurring damage to the liner of its main seawater dam at the Tormin Mine in South Africa. The dam provides processing water for its subsidiary, Mineral Sands Resources’ sand and garnet operations.
And, Swift Networks Group (ASX:SW1) has secured renewal contracts worth about $2 million across Pilbara Minerals, Shell, AngloGold Ashanti, Iluka Resources, Northern Rise and Genesis Minerals. The company provides remote a entertainment platform and infrastructure.
One Aussie dollar is buying US65.6 cents. Iron ore has been holding steady at US$108.50. Gold has come off its new record highs to US$2181.15, brent crude has pulled back 0.4 per cent to US$85.60; and, natural gas is down a little further to US$1.68.
